Exits – FBP swoops for Falcon

In the latest of a raft of exits, Investcorp has sold Falcon Building to FBP Industries, an MBO vehicle backed by the leasing and financial services group EQ Corporation.

The investment group received some $240.5 million (euros 238 million) for its 88 per cent holding in Falcon, the owner of Ohio-based plumbing fixtures manufacturer Mansfield Plumbing Products. Details of Investcorp’s original investment in the group, which dates from June 1997, have not been released.

Commenting on the investment, Christopher Stadler, a member of Investcorp’s management committee, says Falcon had achieved record sales and earnings under Investcorp ownership, leading to attractive realisation values for several Falcon businesses which were divested in autumn 1999′.